1) I have a plan for retirement and/or selling the practice as part of an exit strategy.
Yes, I work with other professionals to assist with the strategy.
Yes, but I’m not sure if it is satisfactory.
No. I’m years away from retirement.
I thought about it, but haven’t done much about it.
2) Succession/transition (exit) planning is a high priority for me.
No, I have many years of clinical practice left.
No, I have much higher priorities.
Absolutely, I’m looking to exit the business within the next 5 years.
Yes, but I’m not sure on how best to proceed.
3) I am clear about the similarities and differences between succession and transition (exit) planning.
Yes. I have researched the subject.
Yes. I have sought out professional help to assist in this area.
I don’t know much about succession and transition planning.
I don’t think it is important at this stage of my career.
4) Your business is registered as a professional corporation.
Yes, it has proved to be a good business decision.
No. It is not in my interests, based on professional advice.
No, I don’t know if it’s a good decision to or not.
Yes, but I have not yet seen the value of doing so.
5) Do you have any outstanding long-term debt pertaining to the business that might affect your ability to exit the practice?
Nothing of great significance.
I am concerned that may be a factor.
I’ll deal with that when I sell the business.
6) I work with business professionals (e.g., accountant, lawyer) who have expertise with healthcare business acquisitions and sales.
I work with business professionals who meet these needs.
I have some basic services I use such as bookkeeping, but they are not necessarily specific to this area.
I'm not sure.
There are business professionals I can call on within the firms I am currently associated with.
7) There are business-critical tasks/duties that are solely dependent on myself.
Yes, there are several tasks and functions I perform as part of the business that are reliant on me.
Yes, but I am developing strategies to address the situation.
No. I have strategies in place that allow the business to run smoothly while I am away.
Yes. the practice is totally dependent on me.